Unseasoned equity offerings MBO-IPOs vs non-MBO-IPOs
Article Abstract:
A study was conducted to investigate the degree of underpricing of management buyout initial public offerings (MBO-IPOs) and compares it with that of non-MBO-IPOs. Results showed that MBO-IPOs were less underpriced than non-MBO-IPOs although the difference was not statistically significant. A positive relationship between underpricing and risk is found while a negative relationship is discovered between underpricing, the inverse of the offer size and insiders' ownership. However, the negative relationship is insignificantly different from zero.
Publication Name: Journal of Business Finance and Accounting
Subject: Business
ISSN: 0306-686X
Year: 1996
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The financial performance of ethical investment funds
Article Abstract:
A study was conducted on the financial performance of UK ethical investment funds for the period 1986-1993. The performance was compared to that of non-ethical investment funds and benchmark portfolios. One-parameter risk-adjusted performance measures were used for the comparisons. Results showed that ethical and non-ethical funds usually underperform the market on a risk-adjusted basis. Ethical funds were found to normally outperform non-ethical funds.
Publication Name: Journal of Business Finance and Accounting
Subject: Business
ISSN: 0306-686X
Year: 1995
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Initial corporate debt offerings, certification and equity evaluation
Article Abstract:
The impact of initial corporate debt offerings on the stock prices of industrial firms is studied. Results show negative abnormal returns at announcement for 146 rated offerings and insignificant average abnormal returns (AARs) for 25 unrated offerings. However, at issuance, insignificant responses were observed for rated offerings while significant negative AARs were observed for unrated offerings.
Publication Name: Journal of Business Finance and Accounting
Subject: Business
ISSN: 0306-686X
Year: 1996
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